Essex Property Trust, Inc. (NYSE:ESS) Receives $310.28 Consensus PT from Analysts

Essex Property Trust, Inc. (NYSE:ESS) has been given an average recommendation of “Hold” by the nineteen brokerages that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $310.94.

Several equities research analysts recently commented on ESS shares. Scotiabank restated an “outperform” rating on shares of Essex Property Trust in a research report on Friday, June 13th. UBS Group reduced their target price on Essex Property Trust from $297.00 to $295.00 and set a “neutral” rating for the company in a research report on Tuesday. Piper Sandler reissued an “overweight” rating and issued a $355.00 target price (down previously from $370.00) on shares of Essex Property Trust in a research note on Friday, May 23rd. Royal Bank Of Canada reduced their target price on Essex Property Trust from $311.00 to $309.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. Finally, Barclays increased their price target on Essex Property Trust from $303.00 to $328.00 and gave the company an “equal weight” rating in a report on Friday, May 9th.

Essex Property Trust Price Performance

Shares of ESS opened at $287.47 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.18. Essex Property Trust has a 1 year low of $243.85 and a 1 year high of $317.73. The stock has a market cap of $18.51 billion, a P/E ratio of 27.51, a price-to-earnings-growth ratio of 5.96 and a beta of 0.78. The stock’s 50-day moving average price is $283.17 and its two-hundred day moving average price is $285.69.

Essex Property Trust (NYSE:ESS) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $3.97 EPS for the quarter, topping the consensus estimate of $3.92 by $0.05. The company had revenue of $464.58 million during the quarter, compared to the consensus estimate of $458.03 million. Essex Property Trust had a return on equity of 11.81% and a net margin of 37.08%. During the same period in the previous year, the company posted $3.83 EPS. On average, equities analysts predict that Essex Property Trust will post 15.96 earnings per share for the current year.

Essex Property Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $2.57 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $10.28 annualized dividend and a yield of 3.58%. Essex Property Trust’s dividend payout ratio (DPR) is presently 98.37%.

Hedge Funds Weigh In On Essex Property Trust

Institutional investors have recently added to or reduced their stakes in the stock. WPG Advisers LLC bought a new position in shares of Essex Property Trust in the first quarter valued at $31,000. Ransom Advisory Ltd bought a new position in Essex Property Trust during the first quarter worth about $31,000. Zions Bancorporation National Association UT purchased a new position in Essex Property Trust during the first quarter valued at approximately $34,000. GKV Capital Management Co. Inc. purchased a new position in Essex Property Trust during the first quarter valued at approximately $35,000. Finally, Capital Analysts LLC lifted its position in Essex Property Trust by 56.3% during the first quarter. Capital Analysts LLC now owns 136 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 49 shares during the last quarter. 96.51% of the stock is currently owned by institutional investors and hedge funds.

Essex Property Trust Company Profile

Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.